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Govt to set up panel for services sector
India seeks 10 MT of LNG from Qatar
BPCL loses Rs 200 on LPG refill
Mumbai-Delhi rail freight corridor stone laid by PM
India second highest foreign investor in UK
Tata Tea’s arm buys 33 pc in S.African Co
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Ashok Leyland to set up $4 m bus
unit in UAE
Corus on Tata Steel radar
Hooda eyes Europe for FDI
M&M to invest Rs 400 crore, launches ‘Shaan’
MetLife India to pump in Rs 450 crore
Honda recall
Rupee gains
Gold tumbles
OPEC to cut production
CORPORATE NEWS
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Govt to set up panel for services sector
New Delhi, October 5 “We are considering setting up a high-level group in the Planning Commission to look into all aspects influencing the performance of the services sector’’, the Prime Minister said while addressing the Services Expo-ServinXPO, organised by the Federation of Indian Export Organisations (FIEO) here. The group would include members from the government, business and academia. “We need a policy regime which facilitates and promotes investment in education services. There is need for greater investment, both by the public and private sectors’’, he said while pleading for opening of higher education, legal sector. Over $3 billion is spent annually by students going from India to study abroad. This could be easily retained in the country if the educational facilities are expanded to meet everyone’s needs. Similarly, with the increasing integration of the Indian economy with the global economy, the country would need expertise in international law, commercial law and third country law. Health services are an emerging area which holds immense potential for India. In particular, medical outsourcing and medical tourism provide an opportunity for the health sector. The Prime Minister said while the liberalised sectors like IT and banking services have attracted significant FDI and witnessed faster growth, the sectors that were not exposed to sufficient competition and where the regulatory framework was weak, had failed to make a similar impact on the economy. Talking to reporters on the sidelines of the function, Commerce and Industry Minister Kamal Nath ruled out fixing any cap on the number of SEZs in any category, including in the field of IT. He said tax incentives in SEZs were meant only for the incremental investment and no shifting of units was allowed. He said he did not agree with the argument that the tax incentives for units in the SEZs would lead to leakage of the tax revenue. “Investments in SEZs would rather lead to increased economic activity and incremental resources for the government’’, the Commerce and Industry Minister said. Earlier in his address, Mr Nath said the services exports from India have increased from $25 billion in 2003-04 to $60 billion in 2005-06.
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India seeks 10 MT of LNG from Qatar
New Delhi, October 5 “They were very positive on our demand. We expect to import the additional fuel, which will be mainly used to run power plants, from 2010-11,” Petroleum Secretary M.S. Srinivasan told reporters after Qatar’s Finance Minister Yusuf Hussain Kamal called on Petroleum Minister Murli Deora here. Ras Laffan Liquefied Natural Gas Co, a Qatar Petroleum joint venture with Exxon Mobil Corp, signed an agreement with India’s Petronet LNG Ltd (PLL) in 1999 to sell 7.5 MT of the fuel annually. Of this, Petronet currently imports 5 MT at its Dahej terminal in Gujarat and would start importing the rest 2.5 MT from 2009. Mr Srinivasan said Qatar was offered an opportunity to pick up Petronet’s $100 million foreign currency convertible bonds (FCCB), which upon conversion into equity shares would translate into a 7.5 to 12.5 per cent equity stake in Petronet. After subscribing to the FCCB, Qatar would join Petronet in making an offer to buy Ratnagiri Gas and Power Ltd’s (Dabhol power plant’s new owners) hived-off LNG terminal. India is already talking to Qatar for 2.1 MT of LNG on a short term to run the Dabhol power plant, Mr Srinivasan said, adding that the additional 10 MT could go into the expanded Dahej terminal, the upcoming Kochi terminal or the Dabhol plant. PLL CEO P Dasgupta said the Qatar Investment Authority (QIA) would shortly conduct due diligence on picking up a stake in the company and would also decide on which Qatar-government firm would be used for the purpose. Mr Srinivasan said Qatar was also looking to participate in the NTPC’s Kayamkulam project in Kerala, besides the ONGC’s upcoming petro-chemical hub at Mangalore. ONGC Chairman and Managing Director R S Sharma said his company has offered Qatar an equity stake in the aromatic and olefin complex coming up at Mangalore and might also offer a stake in the proposed LNG terminal near the complex. QIA is considering an investment of $5 billion in Indian energy-related projects. Srinivasan said the deal with Qatar would ensure regular supply of LNG to the Dabhol plant, which is facing start-up delays because of non-availability of fuel.— PTI
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BPCL loses Rs 200 on LPG refill
New Delhi, October 5 The company was selling domestic LPG at a loss of Rs 200 per cylinder and the revenue loss on sale of every litre of kerosene was Rs 16. The government has not allowed public sector oil firms to raise the prices of petrol, diesel, LPG and kerosene in line with the rise in international prices. Mr Sinha said BPCL would restart in the first week of November a crude cracker unit, which was damaged by fire last month at its Mumbai refinery. — PTI
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Mumbai-Delhi rail freight corridor stone laid by PM
Mumbai, October 5 “Our effort would be to ensure that we have a Mumbai which is prosperous and continues to be a creater of job and wealth”, he said after laying the foundation stone for the ambitious rail freight corridor connnecting Mumbai and Delhi. The 1500-km long corridor is expected to be completed within five years at cost of Rs 11,446 crore. The corridor would start from the Jawaharlal Nehru Port Trust near Mumbai and routed via Vadodara, Ahmedabad, Palanpur and Rewari to Tughlakabad and Dadari, near Delhi. Dr Singh said he was requesting the state government to speed up modernisation of Mumbai which deserved the best urban infrastructure that India could afford. Dr Singh asked the Railways to consider having additional freight corridors to link south India with the rest of the country. “This will then truly link the entire nation in a grid,” he said. The corridor would, when completed in five years, link northern and central regions to eastern India through the northern corridor, he added. “The government is committed to improving infrastructure. We are building world-class airports... metros are being added in Mumbai and Bangalore and new ports are being built,” he said. — PTI
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India second highest foreign investor in UK
New Delhi, October 5 Global consultancy and research major Ernst & Young today said India had become the second most important source after the US for inward investment into the UK with nearly three-fold jump in the number of projects announced by Indian companies there in the first half of 2006. The UK captured over half of all projects announced by Indian companies into Europe in the first six months this year, shows the latest issue of E&Y European Investment Monitor, which was released here today. While the US firms announced 145 investment projects in the UK in first half of FY 06, up from 102 a year ago, projects announced by Indian companies nearly trebled to 21 from eight in the year-ago period. The UK has consolidated its position as the most attractive destination for foreign investment in Europe, with a jump of over 30 per cent in the number of projects announced in the first six months of 2006 to 315 from 236 in 2005, E&Y said. The report said Indian and US investments had been among the primary drivers of the foreign investment in the UK and Western Europe. E&Y Regional Development Director Nigel Wilcock said, “Indian companies need to gain clients from Western Europe and are therefore putting sales offices and also customer support activities close to their customers as a conduit to helping growth in India”. Some Indian companies are also expanding their core business process activity overseas, he added. — PTI
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Tata Tea’s arm buys 33 pc in S.African Co
Mumbai, October 5 The company said the Tetley Group had funded the acquisition. Joekels is the third largest player in the South African tea market with a 5 per cent value share of the market, and turnover of $5 million. The company is owned and run by Jonathan Kelsey and Joe Swart, who founded it in 1994. Joekels will have a licence to sell Tetley products in South Africa, Namibia, Botswana, Lesotho and Swaziland. They will produce these at their factory in Pinetown, Kwazulu Natal province. The South African company manufactures and sells a strong portfolio of brands. Its main brands are two mainstream ranges, Phendula Tips and Rooibos Laager, the economy Tea Time range, Tea4kidz, which comprises special blends for children, and a recent launch, San Aqua, which is a Rooibos ice tea. Mr Ken Pringle, Executive Vice-Chairman and Chief Executive Officer of the Tetley Group, and Director of Tata Tea said, “This acquisition establishes a presence for Tetley in South Africa and some of its neighbouring countries.’’— UNI
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Ashok Leyland to set up $4 m bus unit in UAE
Ras Al Khamiah (UAE), October 5 The agreement was signed by Mr R. Seshasayee, MD, Ashok Leyland, and Dr Khater Massaad, CEO of RAKIA, a public body established by the Ras Al Khaimah Government. The facility will include a state-of-the-art paint plant for bus bodies. The unit, with an initial annual capacity for 1,000 buses of international styling, manufacture and quality, will start operations as a bus body assembly using Ashok Leyland chassis and bus body CKD kits sent from India, including Irizar TVS, Mr Seshasayee told PTI after the signing ceremony. He said the plant would be commissioned in the next 12-15 months and work on the second phase would start along the same time. The unit would be managed and operated by Ashok Leyland. According to Mr Seshasayee, the unit in Ras Al Khaimah will target the West Asian, North African and Central European markets. — PTI
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New Delhi, October 5 “Given the recent industry consolidation, Tata Steel is looking at various opportunities, including Corus,” company’s communication chief Sanjay Chaudhury said. Tata Steel had yesterday denied reports to this effect as “speculative”. However, while confirming its intention today, the company clarified that there could be no certainty that “an approach will be made and if made, it will result in an offer.” Tata Steel is reportedly in talks to acquire the UK firm — the world’s ninth largest steel maker with production of around 18 million tonnes per year — at an estimated $10 billion.—PTI
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Hooda eyes Europe for FDI
Chandigarh, October 5 This was decided by Economic and Commercial Counsellor of the British High Commission Jane Owen and state Chief Minister Bhupinder Singh Hooda here today. Mr Hooda offered opportunities to the entrepreneurs of Britain in the fields of automobiles, textiles, information technology, power, food processing, pharmaceuticals and leather. Ms Owen said efforts were being made to further improve bilateral relations between India and the UK and to find new opportunities for the companies. The Chief Minister said the industrial scenario was fast changing in the state, which was evident from the fact that as against the total investment of Rs 40,000 crore up to March 2005 since the state’s inception in 1966, an investment of Rs 10,000 crore had come to the state during last about one-and-a-half years. Projects involving Rs 35,000 crore were already under implementation in the state.
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M&M to invest Rs 400 crore, launches ‘Shaan’
New Delhi, October 5 Targeting small and medium farmers, the company has set an on-road price of Rs 2.95 lakh. “This product will delight the farmers with its multi-functional capabilities on the farm and off it. It is crafted in a manner to satisfy the requirements along with the sensitivities and lifestyle demands of the new generation of customers across rural India,” M&M President (Farm Equipment Sector) Anjanikumar Chaudhari told reporters. The tractor has a small turning radius of 3.2 metres which can allow quick manoeuvers during field operations. |
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MetLife India to pump in Rs 450 crore
New Delhi, October 5 “Keeping in mind growth plans, we may infuse in excess of 100 million dollar (approx Rs 450 crore) in the next two years,” MetLife Inc Chairman and CEO Rob Henrikson said here.
— TNS |
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Honda recall
Tokyo, October 5 Honda will recall Odyssey minivans and Life small cars after receiving reports of two Odysseys catching fire and 104 cases in which Life engines shut down suddenly, a Transportation Ministry official said. “In the cases with Odyssey, electric circuits for the windshield wipers have problems that they may catch fire when it’s freezing due to the cold,” said the official. Honda will recall 117,500 Odyssey vehicles of which 85,000 are in Japan and the rest in China, Hong Kong, Australia and New Zealand.
— AFP |
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Rupee gains
Mumbai, October 5 Earlier, rupee opened flat at Rs 45.74 per USD and in the mid morning traded at Rs 45.71/72 per USD. The RBI today fixed the reference rate at Rs 45.71 per USD compared to the previous rate of Rs 45.69 per USD.
— UNI |
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Gold tumbles
New Delhi, October 5 Standard gold and ornaments lost further by Rs 160 each at Rs 8,620 and Rs 8,470 per 10 gm, respectively. However, sovereign shed Rs 50 at Rs 7,550 per piece of 8 gm on lack of support. Silver ready also attracted brisk selling and declined by Rs 100 at Rs 17,150 per kilo and weekly-based delivery lost by Rs 400 at Rs 17,700 per kilo. Silver coins were down by Rs 500 at Rs 21,100 for buying and Rs 21,200 for selling of 100 coins.— PTI |
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OPEC to cut production
Dubai, October 5 The world’s biggest oil exporter Saudi Arabia will shoulder most of the burden, the delegate said, as OPEC moves to address a 25 per cent drop in prices since mid-July and oil stocks that are running at a seven-year high in the top consumer United States. “The goal now is to cut actual oil production by one million barrels daily as soon as possible but the exact date is still being worked out,” the delegate said.
— Reuters |
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Pfizer Q3 net rises by 28.64 per cent
New Delhi, October 5 The company’s total income in the same quarter rose by 10.47 per cent at Rs 191.03 crore for the quarter as against Rs 172,93 crore for the same quarter last year. In the last quarter, the company had posted a net profit of Rs 35.89 crore as compared to Rs 15.47 crore for the same quarter last year. Its total income for the period stood at Rs 145.13 crore as against Rs 177.98 crore during the same duration in the previous year. IRCON dividend
IRCON International Limited, a public sector undertaking under the Railway Ministry, has declared the highest- ever dividend at the rate of 260 per cent of the enhanced paid-up share capital amounting to Rs 25.735 crore during the year 2005-06. The share capital of the company increased last year with effect from April 1 2005, from Rs 4.949 crore to Rs 9.898 crore following issue of bonus to the shareholders in the ratio of 1:1. The net worth of company stood at Rs 830 crore as on March 31 this year. Arzoo.com
Sabeer Bhatia, the co-founder of Hotmail, on Thursday relaunched Arzoo.com as an online one-stop travel shop with a vision “to be preferred travel partner” here today. Mr Bhatia had founded Hotmail in partnership with Mr Jack Smith in 1996 and sold it to Microsoft later, where he had worked for a year before launching Arzoo.com. “Some of the services that would be offered to our customers after its relaunch include booking of domestic and international flights and vacation package and others,” said Mr Bhatia in Mumbai.
— UNI |
Firefox Bikes in India soon Hutch to launch BlackBerry |
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